A Banking Consultant Dr Richmond Atuahene has called for a review of banking laws to curb the issue of bank frauds in the country.
He said bank fraud still persist because banks operate on archaic and outmoded laws that do not fit into the current [mordenised] banking system.
"A time has come for us to look at our criminal code. This was [enacted] in 1963 and we are using the same methodology to prosecute cybercrime; I mean, are we serious as a country?" he said.
Speaking on Joy FM's Super Morning Show he said that countries that have reviewed their laws to suit today's banking system are far advanced in terms of dealing with banking fraud.
"In financial crimes and cybercrimes, every nation has now designed a new law to deal with it because, it is very difficult," he said.
After much efforts to deal with bank frauds in the country, the canker still persists.
A Bank of Ghana report revealed that banks lost ¢19.1 million to theft committed by its own employees in 2018.
This, Mr Atuahene associated to the fact that banks do not employ people with integrity as staff.
He added that outmoded laws governing the banking sector also has contributed to the increase of the canker in the sector.
The banking consultant further called for strict sanctions and prosecution against persons who are found culpable of the crime.
"It's a very critical point. I mean, it's one of the measures that will deter people but unfortunately, in our country here, when it comes to prosecution, I dont know what is wrong with us.
"People have committed fraud, you have identified them, the law will take its own course but unfortunately these things delay and once it delays it doesn't deter," he added.
He cited other jurisdictions like India, which he indicated takes less than six weeks to prosecute persons found culpable of bank fraud.
"So in other jurisdiction like India, they've made it so rigorous that when they find out that you have committed the banking fraud, it takes less than six weeks to be prosecuted.
"So I believe that it's not just about enforcement, people should be punished for their crimes so that others will know and I also believe the reason why bank frauds still persists [in our country] is that the wheels of justice is too slow," he said.
Latest Stories
-
Yaw Nsarkoh: Bit by bit we will understand China
6 hours -
Looted and returned: Asante royal artefacts on display for public viewing at Manhyia Museum
7 hours -
Suspected killer in Kasoa land dispute shooting not a National Security operative
7 hours -
Ghana appoint four Para Athletics coaches in Preparation for Paris 2024
7 hours -
Kumasi Cheshire Home decries inadequate equipment; seeks public support
8 hours -
UCL: Niclas Fullkrug hands Dortmund first leg advange over PSG
8 hours -
GPL: Accra Lions beat Hearts of Oak to go third
9 hours -
Seek higher grounds as rains intensify – GMet warns
10 hours -
May Day: Sam Ankrah promises to prioritise welfare and well-being of workers if elected president
10 hours -
Bawumia plans door-to-door campaign for 2024 polls
10 hours -
GAF condemns ‘unprovoked’ fatal shooting of soldier in Kasoa land dispute
10 hours -
OSP’s request for money laundering probe against Cecilia Dapaah baseless – AG advises EOCO
11 hours -
Obofour Raphael releases ‘Asem Yi Di Ka’ EP
11 hours -
‘Operation Clean Your Surroundings’: Popular Kenkey joint and public toilets in Takoradi shut down
11 hours -
GFA boss Kurt Okraku graces Dreams FC’s dinner to celebrate CAF Confederation Cup exploits
12 hours